What Makes Wolverine World Wide (WWW) Stock Attractive Amid Decline in Q4?

Diamond Hill Capital, an investment management company, released its “Small Cap Strategy” fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned 6.98% net of fees, outperforming the benchmark Russell 2000 Index, which returned 6.23%. Strength in health care, consumer discretionary, and materials holdings contributed to the fund’s outperformance in the quarter while holdings in energy and information technology detracted from the performance.  In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Diamond Hill Capital highlighted stocks like Wolverine World Wide, Inc. (NYSE:WWW) in its Q4 2022 investor letter. Headquartered in Rockford, Michigan, Wolverine World Wide, Inc. (NYSE:WWW) is a footwear, apparel, and accessories distributor. On January 26, 2023, Wolverine World Wide, Inc. (NYSE:WWW) stock closed at $14.90 per share. One-month return of Wolverine World Wide, Inc. (NYSE:WWW) was 36.32%, and its shares lost 42.89% of their value over the last 52 weeks. Wolverine World Wide, Inc. (NYSE:WWW) has a market capitalization of $1.173 billion.

Diamond Hill Capital made the following comment about Wolverine World Wide, Inc. (NYSE:WWW) in its Q4 2022 investor letter:

“Footwear and apparel company Wolverine World Wide, Inc. (NYSE:WWW) underperformed as softer demand and elevated inventory levels have necessitated higher-than-expected promotional activity, weighing on near-term profitability. During the quarter, the company announced decisions to simplify its brand portfolio and reduce its workforce — initiatives aimed at generating cost savings. We remain attracted to WWW’s strong collection of brands and its fragmented customer base.”

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Wolverine World Wide, Inc. (NYSE:WWW) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 18 hedge fund portfolios held Wolverine World Wide, Inc. (NYSE:WWW) at the end of the third quarter, which was 13 in the previous quarter.

We discussed Wolverine World Wide, Inc. (NYSE:WWW) in another article and shared the list of largest hunting companies in the US. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.